BioMarin Pharmaceuticals entered into a definitive agreement to acquire Amicus Therapeutics to expand its position in rare diseases, increase revenue growth, and strengthen the company’s financial outlook.

The boards of both companies unanimously approved the agreement, and Amicus' board of directors unanimously recommended that Amicus' stockholders vote to adopt the agreement.¹

"Amicus, like BioMarin, is a company that has been profoundly dedicated to transforming care for patients with rare diseases since its founding, developing and bringing to market important therapies for individuals living with Fabry disease and Pompe disease. BioMarin's scale of operations, including our global commercial footprint and industry-leading, in-house manufacturing capabilities make the combination of these companies an exceptional strategic fit," said Alexander Hardy, president and chief executive officer of BioMarin.

What benefits will the acquisition bring BioMarin?

Amicus’ acquisition aims to strengthen BioMarin's commercial portfolio by adding two new treatments to the company's existing portfolio of medicines targeting lysosomal storage disorders, including Galafold, the first oral treatment for Fabry disease, and Pombiliti in combination with Opfolda , a two-component therapy for Pompe disease.¹ Based on the recently announced Galafold litigation settlements, BioMarin is expected to have exclusivity for Galafold through January 2037.

BioMarin can also add DMX-200 (another treatment that Amicus has rights to in the U.S.). The drug is a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease currently in Phase III development.

The acquisition is also expected to increase BioMarin's long-term compound annual growth rate (CAGR) through 2030 and beyond, as both Galafold and Pombiliti plus Opfolda hold high-growth potential having generated a combined net product revenue of $599 million over the past four quarters.¹

Following the closing of the agreement, it is expected to add revenue immediately, being accretive to Non-GAAP Diluted EPS in the initial 12 months after close, with substantial accretive beginning in 2027.¹ Strengthening its cash flow generation and its commitment to deleveraging, BioMarin is targeting gross leverage above two and half times within two years after close.

"Immediately upon close, this transaction is expected to accelerate BioMarin's revenue growth and strengthen our financial outlook, delivering significant value to patients, employees and stockholders. The transaction is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months following close," said Hardy.

What are the financial details of the agreement?

Per the terms of the agreement, BioMarin will acquire Amicus for a price of $14.50 per share, in an all-cash transaction, which represents a 33% premium to Amicus' last close, a 46% premium to the 30-day volume-weighted average stock price, and a 58% premium to the 60-day volume-weighted average stock price, for a total equity value of upwards of $4.8 billion.¹

"I am enormously proud of our Amicus team. Together with our partners in the rare disease community, we created a truly patient-centric biotech and successfully developed two transformative medicines for people living with rare diseases, which impacted the lives of more than 3,400 patients around the world," said Bradley L. Campbell, president and chief executive officer of Amicus. "With BioMarin's unwavering commitment to patients, along with greater resources and scale, Amicus' medicines will reach even more patients around the world, faster. We are confident that this agreement is in the best interests of our shareholders by providing compelling, certain and premium value, and will accelerate progress for the rare disease community."

Sources

1. BioMarin to Acquire Amicus Therapeutics for $4.8 Billion, Expanding Position as a Leader in Rare Diseases, Accelerating Revenue Growth and Strengthening Financial Outlook BioMarin Pharmaceuticals December 19, 2025 https://www.biomarin.com/news/press-releases/biomarin-to-acquire-amicus-therapeutics-for-4-8-billion-expanding-position-as-a-leader-in-rare-diseases-accelerating-revenue-growth-and-strengthening-financial-outlook/